Chainlink Price Analysis: LINK Faces Major Resistance Up Front

Daily Chainlink LINK Price Forecast

Last Updated July 23rd 2021
1 Min Read
  • Chainlink price about to chart a bearish cross.
  • The MACD has reversed from bearish to bullish.
  • The Chainlink price crashed by >$10 going down from $32 to $21.50 between June 4 and June 11. During this downward surge, LINK managed to flip the 20-day and 200-day SMAs from support to resistance. They also reversed the parabolic SAR from positive to negative. Let’s take a closer look.

    Chainlink Price Faces Strong Resistance Upfront

    Since June 12, the Chainlink price jumped from $21.50 to $24.75. Due to this upward surge, LINK managed to flip the MACD from bearish to bullish. On the upside, the 200-day SMA is on the verge of crossing over the 20-day SMA to form a bearish cross.

    Image: LINK/USD daily

    LINK/USD daily chart 061621

    The Chainlink price faces strong resistance around $26, which sees a confluence of the 20-day and 200-day SMAs. As per the IOMAP, over 11,000 addresses had purchased almost 25 million LINK tokens at this level.

    Image: IntoTheBlock

    LINK/USD volume chart 061621

    Chainlink Price On-Chain Analysis – Glassnode

    LINK/USD glassnode chart 061621

    “$LINK Number of Active Addresses (7d MA) just reached a 7-month low of 363.774.”

    LINK/USD glassnode chart 2 061621

    “$LINK Number of Sending Addresses (7d MA) just reached a 7-month low of 221.506. Previous 7-month low of 221.673 was observed on 13 June 2021.”

    LINK/USD glassnode chart 3 061621

    “$LINK Mean Transaction Volume (7d MA) just reached a 1-month low of $37,746.23.”

    Chainlink Price Is Expected To Reach These Levels

    As we can see, the buyers face a major obstacle with the 20-day and 200-day SMAs upfront. If they manage to cross that, the Chainlink price will look to reach $30 and flip the parabolic SAR from negative to positive.

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